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The online fashion retailer beat expectations with 30 pct sales growth. Sterling’s Brexit-induced weakness will help it keep prices low and grab market share. With lots of room to grow, and solid execution, ASOS might be able to live up to its sky-high valuation.

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A model walks on an in-house catwalk at the ASOS headquarters in London April 1, 2014. British online fashion retailer ASOS posted a 22 percent fall in first half profit, reflecting its move to step-up the pace of infrastructure investment to meet future demand. The firm said on Wednesday it made a pretax profit of 20.1 million pounds ($33.4 million) in the six months to Feb. 28, down from 25.7 million pounds in the same period last year. Picture taken April 1, 2014. REUTERS/Suzanne Plunkett (BRITAIN - Tags: BUSINESS FASHION) - RTR3JKGZ

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